Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Flows in Ecuador

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Executive Summary

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TRENDS

After two years of consecutive declines (due to an uncertain economic and political environment, the threat of the eruption of the Cotopaxi volcano, the Zika epidemic and last but not least the April earthquake in Manabí), inbound arrivals saw a modest recovery in 2017, with 1% growth to reach 1.4 million trips. The appreciation of the dollar and an increase in VAT from 12% to 14%, as well as other fiscal reforms, made the country lose competitiveness against some neighbouring destinations. The main inbound countries in 2017 were Colombia and the US.

PROSPECTS

2016 was a year with various threats to tourism in Ecuador, such as the oil price dropping from an average of USD100 per barrel to USD20 per barrel. This resulted in strong economic and political uncertainty, and an appreciation of the local currency. The dollar made Ecuador an expensive and uncertain country for tourists from neighbouring countries Colombia and Peru, although they remained amongst the countries with most frequent visitors. Several other factors, such as the natural disasters that occurred in this year, were strong threats to the industry.

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